Vietnam Ocean Shipping (VOSCO), Vietnam's largest state-owned carrier, has approved a fleet expansion worth more than US$400 million, its first newbuild programme in over a decade, reported Singapore's Maritime Fairtrade.

The plan includes the purchase of two secondhand supramax bulk carriers at up to $23 million each. VOSCO will also order four ultramax newbuilds priced at about $40 million apiece and four MR tankers estimated at $52 million each.

VOSCO currently runs 13 ageing ships, a mix of bulk carriers, product tankers and boxships. Its last newbuild delivery was in 2013, underscoring the scale of the latest investment.

The company said the mix of new and secondhand acquisitions will modernise and diversify its fleet, strengthening competitiveness in the global shipping market.

VOSCO added the expansion reflects its commitment to boosting operational capacity and meeting rising demand, positioning the carrier to adapt to shifting logistics needs.